Published by Global Banking & Finance Review®
Posted on May 22, 2025
3 min readLast updated: January 23, 2026
Add as preferred source on GoogleGerman finance minister optimistic about G7's joint communique on Ukraine support despite US disagreements. Discussions include sanctions and tariffs.
By Christian Kraemer and Maria Martinez
BANFF, Alberta (Reuters) -German Finance Minister Lars Klingbeil on Thursday said he was optimistic that the Group of Seven advanced economies could agree a joint communique showing support for Ukraine, amid a rift between the U.S. and the rest of the G7 on the issue.
Sources earlier said it was unclear whether the delegations at G7 finance ministers' consultations in Canada could agree on joint language, with one European source saying that U.S. officials wanted to delete language describing Russia's invasion of Ukraine as "illegal".
"I am very positive that we will also reach a joint communique," Klingbeil said at a press conference in Banff, adding that if Russia is not prepared to enter into serious negotiations with Ukraine, "we will consider further sanctions."
The EU and Britain this week announced new sanctions against Russia without waiting for Washington to join them, a day after President Donald Trump's phone call with Russian President Vladimir Putin brought about neither a ceasefire in Ukraine nor fresh U.S. sanctions.
European leaders have been lobbying intensely for the Trump administration to join them in imposing new sanctions if Russia rejected a ceasefire.
Klingbeil said that G7 finance ministers and their Ukrainian counterpart had concluded in a meeting that the conflict was "a brutal war" initiated by Russian President Vladimir Putin and that support for Ukraine continued unabated.
"I am optimistic that in the end such formulations will also be included in the communique, but please wait for the exact wording, as I want to leave that to the Canadian presidency this afternoon," he said.
TRADE SOLUTIONS
Klingbeil earlier on Wednesday met United States Treasury Secretary Scott Bessent for a bilateral conversation and the two agreed to meet again in Washington.
"We have always discussed forward, how we can take steps together to find solutions," Klingbeil said about the meeting, adding that Bessent's invitation was a good sign.
Klingbeil warned, however, that if no agreement can be found with the United States on tariffs, "then we can expect turbulence on the markets again very quickly."
The Trump administration has imposed a 25% tariff on U.S. imports of steel, aluminium and cars, as well as a baseline 10% tariff on almost all countries, with additional "reciprocal" tariffs - making for a combined 20% in the EU's case - lined up if negotiations during a 90-day pause fail.
(Reporting by Christian Kraemer and Maria Martinez, editing by Kirsti Knolle and Friederike Heine; Editing by Conor Humphries)
Klingbeil expressed optimism that the G7 could agree on a joint communique showing support for Ukraine.
The EU and Britain announced new sanctions against Russia without waiting for Washington to join them.
Klingbeil warned that if no agreement can be found on tariffs, there could be turbulence in the markets very quickly.
Klingbeil and Bessent agreed to meet again in Washington to discuss solutions together.
Klingbeil described the conflict as a 'brutal war' initiated by Russian President Vladimir Putin.
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